WASHINGTON (AP) — Home resales far exceeded expectations last month, surging to the highest level in 2½ years as first-time buyers rushed to take advantage of an expiring tax credit.
The National Association of Realtors says sales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September.
It was the highest sales level since February 2007. Sales, which were nearly 24 percent above last year's level, had been expected to rise to an annual pace of 5.65 million, according to economists surveyed by Thomson Reuters.
The median sales price was $173,100 down 7.1 percent from a year earlier, and off 1.6 percent from September.
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